Rules and Regulations

Cash Equities

MiFID II impacts Equities mainly in the following areas: transparency; Market Making; best execution; as well as OTC trading and trade publications.

Nasdaq has launched a MiFID II implementation program, which aims at efficiently introducing changes to core functionalities for its members and stakeholders. For Cash Equities trading on Nasdaq Nordic, the main elements impacted are: 


Pre-and post-trade transparency requirements will expand to cover depositary receipts, ETFs, certificates and other similar financial instruments in addition to shares.

Pre-Trade Transparency

  • On-exchange trade reporting (negotiated transactions waiver) and dark book trading (reference price waiver) will continue to be available but will be subject to volume caps (4% of the total EU trading volume of an instrument on Nasdaq Nordic or 8% of the total EU trading volume of an instrument across all EU trading venues).
  • Iceberg orders (order management waiver) will have EUR 10.000 minimum value requirement.
  • Non-displayed large orders in lit book (large in scale waiver) remain available with new MiFID II thresholds.

Post-Trade Transparency 

  • New trade types will be introduced; e.g. the pre-trade transparency waiver used needs to be made public.

Market Making

  • Members will need to enter into market making agreements if they act according to MiFID II's market making definition.
  • Nasdaq Nordic will provide additional incentives for stressed market conditions. 
  • Nasdaq Nordic plans to continue with current Liquidity Provider arrangements. 

Other Market Structure Changes

  • Additional pre-trade risk management (PRM) controls will be required. Nasdaq Nordic will continue offering the required tools.
  • Minimum tick size regime will apply to shares and ETFs based on liquidity bands.
  • Maximum order to trade ratios (O/T ratio) will be set to all instruments instead of current scope of shares. Current models will be updated to be MiFID II compliant.

Best Execution

  • Nasdaq Nordic will provide the execution quality reports required by MiFID II.

OTC Trading

Members are encouraged to reach out to their Key Account Managers directly with any questions or concerns regarding MiFID II. You may also contact the Nasdaq implementation project directly via 

Updates will be published on this site and will contain news on service offerings and MiFID II/MiFIR implementation details as they become available.

CountryKey Account Managers
Nordic Sales - Stockhom

Stefan Pinter
Sales Director
+46 8 405 6459

Felix von Bahr
Account Manager
+46 8 405 6495

Nordic Sales - Helsinki

Riikka Leppänen
Director, Customers & Sales
+358 9 6166 7231

Teemu Mörsky
Account Manager
+358 9 6166 7377

Nordic Sales - Copenhagen

Sylvester Andersen
Sales Director
+45 33 77 0350

Allan Hvalsoe-Olsen
Sales Director
+45 33 77 0383

Nordic Sales - Norway
Pål Sætre
Sales Director
+47 9078 7694

Vaidotas Užpalis
Trading Operations Manager
+370 5 253 1454

Cash Trading - Iceland
Magnus Hardarson
Head of Trading
+354 525 2853
European Sales

Julian Butterworth - London
Head of European Sales
+44 203 753 2195

Henning Kruse - Copenhagen
Sales Director
+45 33 77 0381

Richard Pafford - London
Sales Director
+44 203 753 2196

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